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2016 Annual Report Spectrum Brands Holdings 2

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2016 Annual Report Spectrum Brands Holdings 2 PROGRESS STEADY 2016 ANNUAL REPORT SPECTRUM BRANDS HOLDINGS 2 Spectrum Brands Holdings is a global consumer products company offering an expanding portfolio of leading brands providing superior value to consumers and customers every day. NET SALES FY2016 With fiscal 2016 net sales of $5.04 billion, we are a $5,040 leading worldwide supplier of consumer batteries, residential locksets, $4,429 $4,690 residential builders’ hardware, plumbing, shaving and grooming GLOBAL BATTERIES products, personal care products, small household appliances, specialty 40% & APPLIANCES pet supplies, lawn and garden and home pest control products, personal insect repellents and auto care products. Our products are well-known, widely trusted and available at major retailers in HARDWARE & approximately 160 countries on six continents. Our brands are largely 25% HOME IMPROVEMENT non-discretionary, non-premium priced, home-related, replacement packaged goods used by consumers daily. GLOBAL PET SUPPLIES 16% We are headquartered in Middleton, Wisconsin 10% HOME & GARDEN and have approximately 15,700 employees in 53 countries. Our FY2014 FY2015 FY2016 manufacturing and product development facilities are located in the 9% GLOBAL AUTO CARE United States, Europe, Latin America and Asia. ($ in millions) ADJUSTED FREE MARKET EBITDA(a) FY2016 CASH FLOW CAPITALIZATION(b) $953 18.9% $535 $8,180 $801 GLOBAL BATTERIES $724 17.1% 33% & APPLIANCES $454 16.4% $359 $5,436 HARDWARE & $4,772 25% HOME IMPROVEMENT 16% GLOBAL AUTO CARE 15% GLOBAL PET SUPPLIES FY2016 FY2016 FY2014 FY2015 FY2016 FY2014 FY2015 15% HOME & GARDEN FY2014 FY2015 ($ in millions) (% = margin) -4% CORPORATE ($ in millions) ($ in millions) (b)At fiscal year-end (a) Includes $28 million, $28 million and $33 million of corporate/unallocated expenses in fiscal years 2014, 2015 and 2016, respectively. BRAND SPOTLIGHT ARMOR ALL® RAYOVAC® Time-saving Armor All® Ultra Shine The Rayovac® Power Siren Wash Wipes and Wax Wipes offer personal alarm, with a built-in one-step wash and waxing with no portable charger and flashlight, waiting or buffing. Merely wipe on, emits a 100-decibel siren to deter enjoy the clean, and enjoy the shine. attackers and alert those nearby. 3 GBA PHG Global Batteries & Appliances Pet, Home & Garden We are a worldwide leader in battery power and Our global pet supplies business is a innovation. In Europe, VARTA® is the second largest alkaline battery leading manufacturer and distributor supplier. Rayovac® is the number-three brand in North America with of consumer products for pet supply a well-defined value proposition and a 110-year history. Throughout markets worldwide. Our companion pet products Latin America, the Rayovac® brand is the battery market leader. We are include treats, clean-up and training aid products, a global leader in hearing aid batteries. Our product portfolio, which health and grooming aids, and bedding marketed under offers more power for the money, features high-performance consumer brands such as 8-in-1®, Dingo®, Digest-eeze™, Pro Sense®, batteries, portable power banks and lighting products. Healthy-Hide®, FURminator® and Nature’s Miracle®, and ® in pet food in Europe, IAMS® and Eukanuba®. In aquatics, In personal care, Remington is “How the World Gets Tetra® and Marineland® are global leaders in the category, Ready.” A leading global provider of men’s and women’s grooming with products including fish food and water treatments, and styling products, Remington® is an innovator of affordable hair care aquariums, filters, heaters and other supplies. appliances, hair accessories, electric shavers, and body groomers and trimmers. Remington® is also a leader in the growing global market for Our Home and Garden product portfolio aesthetic dermatology products and hair removal. includes highly recognized and trusted brands Our small appliances business has leading positions such as Spectracide®, Garden Safe®, Hot Shot®, Cutter®, Repel®, Black Flag® and Liquid with innovative offerings in major kitchen/home Fence®. They include home, lawn and garden insect, appliance categories, including indoor grills, coffeemakers, weed and animal control products, personal and area irons, toaster ovens, toasters, citrus juicers, blenders, food processors, mosquito repellents, and bed bug control products in breadmakers and slow cookers. Its well-known brands include George U.S. markets with high barriers to entry. Foreman®, Black+Decker®, Farberware®, Breadman®, Juiceman®, Windmere® and, in Europe, Russell Hobbs®. HHI GAC Hardware & Home Improvement Global Auto Care Our Hardware & Home Improvement (HHI) division Global Auto Care consists primarily of the iconic is a major manufacturer and supplier of residential locksets, Armor All® and STP® brands, two of the most commercial locksets and doors, residential and light commercial builders’ recognizable brands in the automotive hardware, and plumbing fixtures with a portfolio of renowned brands, aftermarket appearance products including Kwikset®, Weiser®, Baldwin®, National Hardware®, Stanley®, Pfister™, and performance chemicals/additives EZSET® and Tell®. HHI is an industry leader with number-one positions in U.S. categories, and the market-leading A/C PRO® brand residential locksets (Kwikset), Canada residential locksets (Weiser), U.S. luxury in the do-it-yourself (DIY) automotive air conditioner locksets (Baldwin), U.S. builders’ hardware (National Hardware and Stanley) recharge category. Armor All® has the number-one U.S. and retail commercial locksets (Tell), and number three in U.S. retail plumbing market share in the appearance products category with (Pfister). its line of protectants, wipes, tire and wheel care products, glass cleaners, leather care products, air fresheners and The largest global tubular lock manufacturer with washes. A/C PRO® holds the number-one U.S. position nearly 57 million units annually, HHI has a large in the DIY air conditioner recharge category. STP® has installed base of about 925 million locks and 70 the number-three U.S. market share in the performance million households. The division has a leadership position in the chemicals category and offers a complete line-up of oil rapidly growing residential electronics security market in North America. additives, fuel additives and functional fluids for customers HHI features a diversified product portfolio characterized by outstanding ranging from professional racers to car enthusiasts to DIY new product innovation with a low-cost, global manufacturing footprint. consumers. 4 SPECTRUM BRANDS CORPORATE LEADERSHIP TEAM Left to right: Nathan Fagre, Senior Vice President, General Counsel and Secretary; Andreas Rouvé, Chief Executive Officer; David Maura, Executive Chairman; Stacey Neu, Senior Vice President, Human Resources; and Doug Martin, Executive Vice President and Chief Financial Officer. To Our Shareholders Our strong and steady multi-year growth in net sales, EBITDA, EBITDA margin, adjusted earnings per share and free cash flow continued in fiscal 2016 as Spectrum Brands delivered its seventh consecutive year of record financial results. Our improvement was broad-based across most In fiscal 2016 we made excellent progress with our Spectrum businesses and regions, reflecting a successful execution First strategic initiative designed to transform our Company of our global operating model. We overcame a second into a top tier global consumer brands company and a large year of major negative currency headwinds, along with cap stock by utilizing growth accelerators built around intense competition and pricing pressure, North American customers, process and people in a culture embracing the retailer inventory reductions and soft markets in several values and behaviors of ownership, teamwork and agility. appliance categories. Reported net sales grew 7.4 Together these elements are driving this evolution with a percent to more than $5 billion while reported adjusted heightened focus on innovation and growth. EBITDA increased $152 million with an EBITDA margin expansion of 180 basis points to 18.9 percent, our sixth Using our greater scale and resources and consecutive year of margin improvement. All core regions a well-established global infrastructure delivered organic sales and adjusted EBITDA growth on and shared services platform, our mission a currency neutral basis. Adjusted free cash flow grew continues to be the preferred strategic to a record $535 million, up from $454 million and $359 partner to our retail customers. million in the past two years, respectively. We also met our commitment to significantly pay down debt with This is best achieved by offering an expanding portfolio of term debt reduction of over $410 million, resulting in a innovative and superior value products across our categories. total leverage decrease of approximately one-half turn. By delivering on this customer commitment, we are building long-term loyalty and driving long-term success. Spectrum Brands also made substantial progress in fiscal 2016 to further BRAND SPOTLIGHT KEVO® TETRA® Open your world with the Kevo® The Tetra® branded My Aquarium Touch-to-Open™ Smart Lock powered by app helps consumers in the fishkeeping your smartphone and Bluetooth. Kevo 2nd category be more successful. The app Gen provides trusted touch-to-open smart makes water testing and water care lock experience and Kwikset® patented much easier and offers reminders for SmartKey™ security. key maintenance tasks. 5 OUR MISSION improve and simplify our processes and become even more efficient
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